NKE has been in a bull market for a long time, but have seen a significant period of consolidation since Q4 of 2015 - significant in both price movement and the amount of time its taking.NKE Weekly Chart 10/21(click to enlarge)Falling wedge/channel:- The weekly chart shows price action in a falling wedge or channel.- If we "count" the waves within this structure, we are on "e" wave of an abcde correction pattern. (using Elliott Wave terminology- Now if this wave e drags NKE a little lower towards 50, price will likely be supported by several factors.Support around 50:- At 50, price will be near the consolidation structure support.- 50 is a psychological level.- There is a support/resistance pivot here at 50. - I believe there will be a boost here to push price back towards 58 to test the wedge resistance.- I think a break above 60 will be needed to convince the market NKE is back on the bullish mode.